Global economic crime survey 2007

PricewaterhouseCoopers launched its report “Economic crime: People, culture and controls” on the basis of eight years of data on trends, perceptions and incidents of fraud: “Despite heightened efforts at regulation and companies’ investments in controls, fraud remains a major threat to companies around the world. From simple theft to more complex schemes involving management and corruption, the threat continues regardless of a company’s size, location or industry.

PricewaterhouseCoopers’ Global economic crime survey 2007 points to the continued evidence of the intractability of fraud. Entitled Economic crime: People, culture and controls, the report reveals that internal controls alone are not enough to fight it. Instead, controls must be backed by a strong ethical company culture, a broad risk management programme, and “zero tolerance” of executives or other employees who commit economic crimes.

This year’s survey is based on months of interviews of over 5,400 companies located in 40 countries. It is the largest, most comprehensive international survey of economic crime. The report also includes the results of over 1,500 interviews of senior company executives about their experience doing business in seven emerging market economies.” to Survey PWC.

Organising Government for National Security

In the National Interest: Organising Government for National Security

An anticipatory view on national security From The Demos Annual Security Lecture 2006

Quote:
“I start with the desirability of taking an anticipatory view of national security. ‘Clear and present dangers’ do of course arise unexpectedly. Such dangers have to be faced with whatever weapons and defences are at hand at the time. That will always be the case, but it is more important now than for some time past that we look ahead and recognise what may lie ahead; preferably, when the prospect of danger is sufficiently clear to justify attention but before the danger becomes present; ideally, acting in advance so as to avert the problem altogether but if not then reducing its likely impact on our lives; and certainly, preventing the needs of the moment crowding out the necessary preparations to face the future with confidence. And a similar statement can and should be made in respect of spotting opportunities when they are real enough prospects, and early enough to allow the necessary investment to capitalise on them. Risk management is about seizing opportunities as well as avoiding loss.”

Download article

Risk in Emerging Markets

By Anders Søborg, Ernst & Young Advisory Services Denmark

How are companies from developed markets managing risk as they invest and operate in emerging markets? Ernst & Young surveyed over 900 companies to build a picture of best or leading practice.

The survey deals with key principles for managing risk in emerging markets. Although it is not a framework to follow, establishing a risk culture, improving communication, and aligning organization structure and risk management processes can set a strong foundation for better risk management.

Ernst & Young also identifies ten of the key ‘risk management lessons’, taken from executives’ experience across emerging and developed markets. Some key findings from the survey:
• The main goal in emerging markets is growth. Companies have moved on from the traditional view that the primary objective of investment in emerging markets is cost saving.
• Risk priorities differ by location. Developed markets focus on political, operational, and supply chain risk. Emerging markets are more likely to focus on market, competitive, and pricing risk.
• Board focus does not always translate into strategy. There is a consensus that Boards are giving enough attention to risk in these markets. However, only 41% of developed market companies have a risk strategy for emerging markets.
• Opinion differs on risk communication. While 71% of emerging market subsidiaries feel they provide sufficiently regular and robust information on risk, only 44% of the parent companies would say the same.
• Opinion also differs on internal audit. Developed market companies have less confidence in the quality of the internal audit testing of their subsidiaries than the emerging market subsidiaries themselves do.

To learn more about the survey you can contact Anders Søborg, manager, Ernst & Young Advisory Services Denmark.

Mobile + 45 51 58 25 16, Phone + 45 35 87 25 16, Email: anders.Soeborg@dk.ey.com

Conference on public risk management in local government

The main objective of a conference that was attended by mayors, local councils executive secretaries and senior public officers in the public service, was to instil an awareness of risks at the workplace and the need to adopt a risk management strategy at corporate level.

The conference was held by the Department for Local Government in conjunction with the Local Councils Association and the Association of Local Councils Executive Secretaries (Malta).

Opening speeches were made by Justice and Home Affairs Minister Tonio Borg on Risk Management as a Tool for Good Local Governance and the Opposition Spokesman for Local Government, Chris Cardona, on Risk Management as a Tool for Public Accountability.

Continue reading

Subscribe to Our Newsletter

Want to stay updated about everything related to PRIMO & developments in Risk Management? Sign up for our Newsletter.

© All rights reserved.
PRIMO.

Member information

Follow Us